StockMarketWire.com - The Weir Group PLC has announced that it has priced the offering of $800m (£575m) aggregate principal amount of 2.20% Sustainability-Linked Notes due 13 May 2026.

John Heasley, chief financial officer, said that the group is delighted with the response to the group’s first syndicated bond offering.

'The proceeds will be used to repay existing debt maturing in 2022 and 2023, and for other general corporate purposes. In addition to strengthening our balance sheet further, the structuring of the offering as Sustainability-Linked Notes also reaffirms our commitment to reducing our environmental impact, including delivering a 30% reduction in emissions by 20241.' He said.

The Notes will initially bear interest at a rate of 2.20% per annum to be paid semi-annually on 13 May and 13 November. The interest on the Notes will be linked to the achievement of Weir's 2024 Sustainability Performance Target to reduce Scope 1 & Scope 2 emissions by 30%.

The interest rate applicable to the Notes will increase by 0.25% to 2.45% per annum from and including the last interest payment date preceding 31 December 2024 if the Group does not attain its SPT. The offering is expected to close and the notes are expected to be issued on or about 13 May 2021, subject to customary conditions precedent for similar transactions.




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